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Evolent Health, Inc.（EVH）与PTC Inc.（PTC）财务数据对比。点击上方公司名可切换其他公司
PTC Inc.的季度营收约是Evolent Health, Inc.的1.5倍（$685.8M vs $468.7M），PTC Inc.净利率更高（24.3% vs -91.6%，领先115.8%），PTC Inc.同比增速更快（21.4% vs -27.5%），过去两年PTC Inc.的营收复合增速更高（6.6% vs -14.4%）
马奎尔健康是一家美国营利性医疗管理企业，目前为森特里奇旗下子公司，核心服务对象为特殊群体，业务聚焦医疗领域多个细分赛道。客户群体涵盖健康保险计划、其他管理式医疗机构、企业、工会、各类军事与政府机构以及第三方管理机构，2021年位列财富美国500强第390名。
PTC是1985年成立的美国计算机软件与服务企业，总部位于马萨诸塞州波士顿。公司1988年率先推出参数化关联特征驱动的三维CAD建模软件，1998年发布基于互联网的产品生命周期管理（PLM）产品，目前面向合作伙伴与开发者提供物联网、增强现实（AR）平台及相关产品服务。
EVH vs PTC — 直观对比
营收规模更大
PTC
是对方的1.5倍
$468.7M
营收增速更快
PTC
高出48.9%
-27.5%
净利率更高
PTC
高出115.8%
-91.6%
两年增速更快
PTC
近两年复合增速
-14.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $468.7M | $685.8M |
| 净利润 | $-429.1M | $166.5M |
| 毛利率 | 20.7% | 82.8% |
| 营业利润率 | -87.1% | 32.2% |
| 净利率 | -91.6% | 24.3% |
| 营收同比 | -27.5% | 21.4% |
| 净利润同比 | -1782.0% | 102.5% |
| 每股收益（稀释后） | $-3.76 | $1.39 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收EVHPTC
| Q4 25 | $468.7M | $685.8M | ||
| Q3 25 | $479.5M | $893.8M | ||
| Q2 25 | $444.3M | $643.9M | ||
| Q1 25 | $483.6M | $636.4M | ||
| Q4 24 | $646.5M | $565.1M | ||
| Q3 24 | $621.4M | $626.5M | ||
| Q2 24 | $647.1M | $518.6M | ||
| Q1 24 | $639.7M | $603.1M |
净利润EVHPTC
| Q4 25 | $-429.1M | $166.5M | ||
| Q3 25 | $-20.9M | $347.8M | ||
| Q2 25 | $-19.9M | $141.3M | ||
| Q1 25 | $-64.6M | $162.6M | ||
| Q4 24 | $-22.8M | $82.2M | ||
| Q3 24 | $-23.1M | $126.5M | ||
| Q2 24 | $1.6M | $69.0M | ||
| Q1 24 | $-17.3M | $114.4M |
毛利率EVHPTC
| Q4 25 | 20.7% | 82.8% | ||
| Q3 25 | 20.8% | 86.9% | ||
| Q2 25 | 22.6% | 82.9% | ||
| Q1 25 | 21.2% | 83.3% | ||
| Q4 24 | 11.7% | 80.2% | ||
| Q3 24 | 13.0% | 82.0% | ||
| Q2 24 | 16.5% | 78.4% | ||
| Q1 24 | 16.3% | 81.8% |
营业利润率EVHPTC
| Q4 25 | -87.1% | 32.2% | ||
| Q3 25 | 0.2% | 48.5% | ||
| Q2 25 | -0.3% | 32.6% | ||
| Q1 25 | -0.3% | 35.1% | ||
| Q4 24 | -2.9% | 20.4% | ||
| Q3 24 | -2.6% | 31.0% | ||
| Q2 24 | 1.2% | 18.5% | ||
| Q1 24 | -2.1% | 29.8% |
净利率EVHPTC
| Q4 25 | -91.6% | 24.3% | ||
| Q3 25 | -4.4% | 38.9% | ||
| Q2 25 | -4.5% | 21.9% | ||
| Q1 25 | -13.4% | 25.6% | ||
| Q4 24 | -3.5% | 14.6% | ||
| Q3 24 | -3.7% | 20.2% | ||
| Q2 24 | 0.2% | 13.3% | ||
| Q1 24 | -2.7% | 19.0% |
每股收益（稀释后）EVHPTC
| Q4 25 | $-3.76 | $1.39 | ||
| Q3 25 | $-0.24 | $2.88 | ||
| Q2 25 | $-0.44 | $1.17 | ||
| Q1 25 | $-0.63 | $1.35 | ||
| Q4 24 | $-0.26 | $0.68 | ||
| Q3 24 | $-0.27 | $1.05 | ||
| Q2 24 | $-0.06 | $0.57 | ||
| Q1 24 | $-0.22 | $0.95 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $151.9M | $209.7M |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $415.2M | $3.8B |
| 总资产 | $1.9B | $6.4B |
| 负债/权益比越低杠杆越低 | — | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资EVHPTC
| Q4 25 | $151.9M | $209.7M | ||
| Q3 25 | $116.7M | $184.4M | ||
| Q2 25 | $151.0M | $199.3M | ||
| Q1 25 | $246.5M | $235.2M | ||
| Q4 24 | $104.2M | $196.3M | ||
| Q3 24 | $96.6M | $265.8M | ||
| Q2 24 | $101.3M | $247.7M | ||
| Q1 24 | $165.1M | $249.0M |
总债务EVHPTC
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.5B |
股东权益EVHPTC
| Q4 25 | $415.2M | $3.8B | ||
| Q3 25 | $842.2M | $3.8B | ||
| Q2 25 | $896.0M | $3.5B | ||
| Q1 25 | $935.5M | $3.4B | ||
| Q4 24 | $1.0B | $3.2B | ||
| Q3 24 | $1.0B | $3.2B | ||
| Q2 24 | $1.1B | $3.0B | ||
| Q1 24 | $1.0B | $2.9B |
总资产EVHPTC
| Q4 25 | $1.9B | $6.4B | ||
| Q3 25 | $2.5B | $6.6B | ||
| Q2 25 | $2.5B | $6.2B | ||
| Q1 25 | $2.7B | $6.2B | ||
| Q4 24 | $2.5B | $6.1B | ||
| Q3 24 | $2.5B | $6.4B | ||
| Q2 24 | $2.5B | $6.1B | ||
| Q1 24 | $2.6B | $6.2B |
负债/权益比EVHPTC
| Q4 25 | — | 0.31× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.43× | ||
| Q1 24 | — | 0.51× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $48.8M | $269.7M |
| 自由现金流经营现金流 - 资本支出 | — | $267.4M |
| 自由现金流率自由现金流/营收 | — | 39.0% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 现金转化率经营现金流/净利润 | — | 1.62× |
| 过去12个月自由现金流最近4个季度 | — | $888.4M |
8季度趋势，按日历期对齐
经营现金流EVHPTC
| Q4 25 | $48.8M | $269.7M | ||
| Q3 25 | $15.8M | $104.0M | ||
| Q2 25 | $-30.3M | $243.9M | ||
| Q1 25 | $4.6M | $281.3M | ||
| Q4 24 | $-26.2M | $238.4M | ||
| Q3 24 | $18.7M | $98.1M | ||
| Q2 24 | $21.4M | $213.8M | ||
| Q1 24 | $4.9M | $250.7M |
自由现金流EVHPTC
| Q4 25 | — | $267.4M | ||
| Q3 25 | — | $100.5M | ||
| Q2 25 | — | $242.0M | ||
| Q1 25 | — | $278.5M | ||
| Q4 24 | — | $235.7M | ||
| Q3 24 | — | $93.6M | ||
| Q2 24 | — | $212.2M | ||
| Q1 24 | — | $247.1M |
自由现金流率EVHPTC
| Q4 25 | — | 39.0% | ||
| Q3 25 | — | 11.2% | ||
| Q2 25 | — | 37.6% | ||
| Q1 25 | — | 43.8% | ||
| Q4 24 | — | 41.7% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 40.9% | ||
| Q1 24 | — | 41.0% |
资本支出强度EVHPTC
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.6% |
现金转化率EVHPTC
| Q4 25 | — | 1.62× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 2.90× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | 13.42× | 3.10× | ||
| Q1 24 | — | 2.19× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
EVH
| Commercial And Other Customers | $147.9M | 32% |
| Medicare Customers | $111.2M | 24% |
| Specialty Technology And Services Suite | $95.7M | 20% |
| Administrative Service | $55.8M | 12% |
| Cases | $47.7M | 10% |
| Related Party | $4.5M | 1% |
PTC
| Support And Cloud Services | $393.3M | 57% |
| License | $269.7M | 39% |
| Technology Service | $22.9M | 3% |
| Perpetual License | $5.6M | 1% |
